Irish headquartered healthcare service business Uniphar has announced its intention to float on Euronext Dublin and the Alternative Investment Market or AIM in London.

Uniphar is seeking to raise up to €150m by the placing of new shares in both Dublin and London. 

Last year, the group generated revenue of €1.55 billion and gross profit of just under €160m.

The company said it will use the fresh capital raised from the initial public offering (IPO) to pay for acquisitions, growth and to reduce debt.

Uniphar has a workforce of over 2,000 employees.

It services over 200 multinational pharmaceutical and medical device manufacturers across three divisions - Commercial & Clinical, Product Access and Supply Chain & Retail. 

Uniphar's origins stem from two regional Irish wholesale distribution businesses founded by community pharmacists - the United Pharmaceuticals Co-Op in 1967 and Allied Pharmaceutical Distributors in 1972. 

A large number of Irish community pharmacists remain shareholders in Uniphar. 

Ger Rabbette, CEO of Uniphar, said that Uniphar has grown significantly to become a leading diversified healthcare services business, in line with its vision to improve patient access to pharmaco-medical products and treatments through enhancing stakeholder connectivity.

"Having transformed the business in the last five years, with two thirds of our earnings now derived from our international growth divisions - Commercial & Clinical and Product Access - the group is poised to become a truly global provider of integrated solutions with a strong focus on speciality pharmaceuticals and innovative medtech portfolios while maintaining our leading Supply Chain & Retail position in the Irish market," the CEO added.

The listing is a welcome boost for Euronext Dublin, formerly known as the Irish Stock Exchange, which has yet to host an IPO this year after a number of postponed flotations after markets faltered towards the end of 2018.

Uniphar has hired stockbroker Davy and RBC Capital Markets as joint bookrunners for the flotation.